Ørsted — M&A Activity 2011

Jul 25, 2011

DONG Energy, the Operator of the Siri field in the Danish sector of the North
Sea, and its licence partner Noreco have settled on an agreement for DONG
Energy to acquire Noreco's 50 per cent interest in the Siri field with an
acquisition cost of approximately 70 DKK million (13 million USD) with effect
from July 1st 2011. DONG Energy will be sole owner of the Siri field. The
agreement is subject to customary regulatory approvals, and all conditions of
the agreement are expected to be finally resolved before the year-end.

The agreement means that DONG Energy in agreement with Noreco can continue and
fully implement the repair work on the cracks that were revealed in parts of
the platform's subsea structure in 2009, so the platform can continue to be
operated safely and responsibly.

The price reflects the fact that DONG Energy will take over revenues and
expenses related to Noreco's share of the Siri licence - including the repair
costs of the subsea structure. As previously announced, the total estimated
repair costs are approximately DKK 2 billion.

The agreement will have effect from July 1st 2011, but Noreco has the right to
sell its interest or a part of it to a third party before August 30th 2011,
provided that the buyer takes over all of Noreco's rights and obligations,
including being required to meet its share's cost of the repair work.

"We are pleased to have a constructive agreement in place so we can carry out
the repair work, which we regard as necessary in order to continue safe
production from the Siri field and its associated satellite fields for many
years to come," says Søren Gath Hansen, Executive Vice President of DONG
Energy.

The agreement to acquire Noreco's interest in the Siri field does not comprise
the satellite fields outside the Siri licence. In 2010, the Siri field produced
1.8 million barrels of oil, including the Stine field, which is a satellite of
Siri within the Siri licence.

The costs for the permanent solution will be operating costs for DONG Energy
and will, as previously announced, be spread over 2011 and 2012. The increased
operating costs are expected in 2011 to be only partially offset by an
increased share of production from the Siri field.

However, the information provided in this announcement does not change DONG
Energy's previous financial guidance for the 2011 financial year or the
expected investment level announced.

For further information, please contact:

Media Relations
Helene Aagaard
+45 9955 9330

Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9686

DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated DKK 55 billion (EUR 7.3
billion) in revenue in 2010. For further information, see www.dongenergy.com